{"slug":"protective-put-vs-stop-loss-order","qid":"gap_frequency","label":"How often six household names opened 2% or more below the prior close (10 years)","post_title":"Protective Put vs Stop-Loss Order","post_url":"/blog/protective-put-vs-stop-loss-order#q-gap_frequency","columns":["ticker","gap_down_2pct_rate_pct","worst_gap_down_pct","gap_down_day_count","session_count"],"rows":[{"ticker":"NVDA","gap_down_2pct_rate_pct":7.21,"worst_gap_down_pct":19.3,"gap_down_day_count":181,"session_count":2509},{"ticker":"AAPL","gap_down_2pct_rate_pct":3.27,"worst_gap_down_pct":12.96,"gap_down_day_count":82,"session_count":2510},{"ticker":"MSFT","gap_down_2pct_rate_pct":2.39,"worst_gap_down_pct":11.86,"gap_down_day_count":60,"session_count":2511},{"ticker":"SPY","gap_down_2pct_rate_pct":1,"worst_gap_down_pct":10.45,"gap_down_day_count":25,"session_count":2511},{"ticker":"JNJ","gap_down_2pct_rate_pct":0.96,"worst_gap_down_pct":7.98,"gap_down_day_count":24,"session_count":2511},{"ticker":"KO","gap_down_2pct_rate_pct":0.64,"worst_gap_down_pct":12.85,"gap_down_day_count":16,"session_count":2511}],"shape":"table","sql":"SELECT\n    ticker,\n    round(countIf(overnight_move_pct <= -2) * 100.0 / count(), 2) AS gap_down_2pct_rate_pct,\n    round(abs(min(overnight_move_pct)), 2)                        AS worst_gap_down_pct,\n    countIf(overnight_move_pct <= -2)                             AS gap_down_day_count,\n    count()                                                       AS session_count\nFROM\n(\n    SELECT\n        ticker,\n        round((toFloat64(open) / toFloat64(prev_close) - 1) * 100, 3) AS overnight_move_pct\n    FROM\n    (\n        SELECT\n            ticker,\n            date,\n            open,\n            any(close) OVER (PARTITION BY ticker ORDER BY date ROWS BETWEEN 1 PRECEDING AND 1 PRECEDING) AS prev_close\n        FROM\n        (\n            SELECT\n                ticker,\n                date,\n                any(open)  AS open,\n                any(close) AS close\n            FROM global_markets.stocks_daily_aggs\n            WHERE ticker IN ('AAPL', 'MSFT', 'NVDA', 'SPY', 'KO', 'JNJ')\n              AND date >= '2016-10-01'\n              AND date <= '2026-09-30'\n              AND (ticker, date) NOT IN (SELECT ticker, execution_date FROM global_markets.stocks_splits)\n            GROUP BY ticker, date\n        )\n    )\n    WHERE prev_close > 0\n)\nGROUP BY ticker\nORDER BY gap_down_2pct_rate_pct DESC","computed_at":"2026-10-05T14:53:23.502277+00:00","elapsed":0.003766328}